Note 4 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	March 31, 2023
	Total		Level 1		Level 2		Level 3
	(unaudited)
Fixed maturities:
US Treasury securities	$	740,816	$	740,816	$	-	$	-
Corporate bonds		16,348,633		-		16,172,633		176,000
Municipal bonds		5,649,804		-		5,649,804		-
Redeemable preferred stock		3,426,328		-		3,426,328		-
Term loans		18,154,908		-		-		18,154,908
Mortgage backed and asset backed securities		21,396,176		-		21,002,426		393,750
Total fixed maturities		65,716,665		740,816		46,251,191		18,724,658
Equities:
Common stock		6,129,740		6,034,240		95,500		-
Preferred stock		1,448,771		-		1,448,771		-
Total equities		7,578,511		6,034,240		1,544,271		-
Other invested assets		1,985,441		-		-		1,985,441
Reinsurance contract allocated hedge		726,077		-		-		726,077
Total	$	76,006,694	$	6,775,056	$	47,795,462	$	21,436,176

	December 31, 2022
	Total		Level 1		Level 2		Level 3
Fixed maturities:
US Treasury securities	$	1,025,087	$	1,025,087	$	-	$	-
Corporate bonds		15,869,078		-		15,687,478		181,600
Municipal bonds		5,420,409		-		5,420,409		-
Redeemable preferred stock		3,355,615		-		3,355,615		-
Term loans		18,149,718		-		-		18,149,718
Mortgage backed and asset backed securities		21,496,170		-		21,099,920		396,250
Total fixed maturities		65,316,077		1,025,087		45,563,422		18,727,568
Equities:
Common stock		6,024,224		5,929,624		94,600		-
Preferred stock		1,370,820		-		1,370,820		-
Total equities		7,395,044		5,929,624		1,465,420		-
Other invested assets		1,760,777		-		-		1,760,777
Reinsurance contract allocated hedge		724,998		-		-		724,998
Total	$	75,196,896	$	6,954,711	$	47,028,842	$	21,213,343

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

				Mortgage
For the Three Months Ended March 31, 2023	Corporate			Backed			Term			Hedge
(unaudited)	Bonds			Securities			Loans			Derivative
Fair value, beginning of period	$	181,600		$	396,250		$	18,149,718		$	724,998
Principal payment		(5,600	)		(2,500	)		(135,042	)
Acquisition		-			-			109,837			-
Investment related gains		-			-			30,395			1,079
Fair value, end of period	$	176,000		$	393,750		$	18,154,908		$	726,077

Fair Value, by Balance Sheet Grouping [Table Text Block]

	March 31, 2023
	(unaudited)
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	4,044,010	$	4,044,010	$	4,044,010	$	-	$	-
Mortgage loans on real estate		25,284,983		25,284,983		-		-		25,284,983
Investment income due and accrued		2,189,269		2,189,269		-		-		2,189,269
Reinsurance contract allocated hedge		726,077		726,077		-		-		726,077
Policy loans		35,747		35,747		-		-		35,747
Total Financial Assets (excluding available for sale investments)	$	32,280,086	$	32,280,086	$	4,044,010	$	-	$	28,236,076
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		78,341,879		65,582,459		-		-		65,582,459
Total Financial Liabilities	$	79,341,879	$	66,582,459	$	-	$	-	$	66,582,459

	December 31, 2022
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	4,091,507	$	4,091,507	$	4,091,507	$	-	$	-
Mortgage loans on real estate		23,790,073		23,790,073		-		-		23,790,073
Investment income due and accrued		2,086,365		2,086,365		-		-		2,086,365
Reinsurance contract allocated hedge		724,998		724,998		-		-		724,998
Policy loans		34,980		34,980		-		-		34,980
Total Financial Assets (excluding available for sale investments)	$	30,727,923	$	30,727,923	$	4,091,507	$	-	$	26,636,416
Financial Liabilities:
Federal Home Loan Bank advance	$	1,000,000	$	1,000,000	$	-	$	-	$	1,000,000
Policyholder deposits in deposit-type contracts		79,035,350		67,741,524		-		-		67,741,524
Total Financial Liabilities	$	80,035,350	$	68,741,524	$	-	$	-	$	68,741,524